Debevoise & Plimpton, Davis Polk, Reed Smith and Kirkland & Ellis advised on CD&R and McKesson’s US$5.8 billion acquisition of Option Care Health.
CD&R and McKesson Corporation agreed to acquire Option Care Health, Inc. For a total enterprise value of approximately US$5.8 billion.
At the closing of the transaction, CD&R will hold a majority ownership interest of 51%, and McKesson will hold a minority ownership interest of 49%. Option Care Health will remain a separate company led by its own management team. The transaction is expected to close in the first half of calendar year 2027, subject to customary closing conditions, including approval by Option Care Health’s stockholders and the receipt of required regulatory approvals.
Debevoise & Plimpton LLP is advising CD&R.
The team is led by M&A partners Christopher Anthony and Kevin Rinker and includes partner Dominique Trudelle, associates Richard Hughes, Mackenzie Mendolla, Micah Rubin, Matthew Ryan and Cailley Silbert and law clerks Lok Ngai Ho and Danielle Ramsay, finance partners Andrea Michelle Hwang and Scott Selinger, counsel Jonathan Yeung and associates Missy Aja and Monica Fainshtein, executive compensation & benefits partners Jonathan Lewis and Wendy Widman and associates Simmie Jenkelowitz and Jessica Siegel, tax partner Michael Bolotin and associates Shanna Adler, Travis Long and Elliott Tuchman, capital markets partners Benjamin Pedersen and Steven Slutzky and associates Jason Auman and Helen Fan, IP and technology transactions partner Henry Lebowitz and associate Siena Stanislaus, antitrust partners Ted Hassi and Rebekah Scherr and associates Sabine Violetta Kobienia and Lillian Lara, and litigation counsel Jacob Stahl and associate Kaitlyn McGill.
Davis Polk & Wardwell LLP is advising McKesson Corporation on its approximately US$1.4 billion investment in Option Care Health in connection with the approximately US$5.8 billion acquisition of Option Care Health by McKesson and CD&R.
The corporate team includes Partners Alan F. Denenberg, Michael Diz and Jason Bassetti and Associates Dove Barbanel and Ashley Jaworoski. Partner Hilary Dengel and Associate K. Oliver H. Schauman are providing sponsor finance advice. Partner Patrick E. Sigmon is providing tax advice. Partner Frank Azzopardi is providing intellectual property advice. Partner Adam Kaminsky is providing executive compensation advice. Counsel Suzanne Munck af Rosenschold is providing antitrust and competition advice. Members of the Davis Polk team are based in the Northern California, New York and Washington DC offices.
Reed Smith served as co-counsel McKesson Corporation.
The Reed Smith team was led by Paul Pitts, James Hennessy and Smita Patil and included Cori Annapolen Goldberg, Liyun Huang, Kerry Kelly, Elliott Race, Cindy Hsieh, Michael Cooper, Shane Galligan, Nikita Bazaj, David Worby and Alexa Koerth.
Kirkland & Ellis advised Option Care Health, Inc.
The team included corporate lawyers Carlo Zenkner, Sarkis Jebejian and Lilybelle Abraham; executive compensation lawyers Mike Krasnovsky and Stephanie Jeane; antitrust & competition lawyers Dan Zach and Chuck Boyars; tax lawyers Rachel Cantor and Heidi Yuen; debt finance lawyers Maureen Dixon and Georgie Bierwirth; capital markets lawyers Ross Leff, Zoey Hitzert and Pratik Ranjan Das; healthcare & life sciences regulatory lawyers Dennis Williams and Lindsay Borgeson; and litigation lawyer Stefan Atkinson.
